Telecom-equipment maker Nortel Networks Corp., whose past accounting problems have come under federal investigation, on Friday reported a $2.21 billion fourth-quarter loss and said it will restate more past financial statements because of accounting mistakes.
Since the Ontario-based company will have to delay filing its 2005 annual report until the end of April, Nortel warned that it could default on its $1.3 billion credit facility unless its lenders grant a waiver. Nortel said it wouldn’t be able to meet its debt obligations if they came due earlier than expected, and it is working to get waivers.
